BETHESDA, Md.--(BUSINESS WIRE)--April 28, 2003--Shareholders attending today's annual meeting of USEC Inc. (NYSE:USU) heard that the Company continues to make progress on its strategic initiatives, including advanced technology, cost reduction and diversification. Chairman James R. Mellor also told shareholders that the strong emphasis the Board has placed on solid and conservative business practices has paid dividends at a time of declining investor confidence in corporate America.
The passage of the Sarbanes-Oxley Act and its related regulations "have shined a bright light on an area where the USEC Board has truly excelled - that of corporate governance," Mellor said. Institutional Shareholder Service recently rated USEC's corporate governance practices as outperforming 99.9 percent of the companies in the Russell 3000 index, he noted.
"From the moment this company was created, our people have operated under an expectation of the highest ethics and accountability. This kind of corporate culture pays many dividends. When you read an earnings report from USEC or go through our filings with the SEC, you can count on their integrity - the numbers are solid," Mellor said.
William H. Timbers, USEC president and chief executive officer, provided an update on strategic initiatives being undertaken by the Company. Management is working to demonstrate the American Centrifuge, reduce its cost structure, and explore opportunities for profitable expansion and diversification, he said.
"We are very serious about our effort to deploy the American Centrifuge technology before the end of the decade and we are looking for ways to accelerate the schedule," Timbers said. "We are also sharply focused on efficiency and productivity, and we will continue to find ways to operate safe, smart and lean. This is essential to maintaining our competitive position in the highly competitive global enrichment market."
A copy of the remarks by Mellor and Timbers are available at www.usec.com.
USEC Inc., a global energy company, is the world's leading supplier of enriched uranium fuel for commercial nuclear power plants.
CONTACT: USEC Inc.
Charles Yulish, 301/564-3391
or
Steven Wingfield, 301/564-3354
USEC website: www.usec.com
SOURCE: USEC Inc.